For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having inflation-adjusted average annual gross receipts of $26 million or less (known as the gross receipts test).
Taxpayers classified as tax shelters cannot use the simplified rules even if they would meet the gross receipts test.
Prior to the TCJA, certain taxpayers could determine whether they were eligible to figure taxable income under the cash method of accounting by meeting a different gross receipts test. That gross receipts test was met if the taxpayer’s average annual gross receipts for all prior taxable years did not exceed $5 million.
Other things to check out:
UC ANR: Important Tax Tips for Forest Landowners
August 2, 2020 - By Kim Ingram , Susie Kocher - Larry Camp knows taxes and forests. As a retired IRS tax professional and forest landowner, he acknowledges that income and expenses related to forest management have tax consequences for forest landowners, whether the forest is owned as a business or not.
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A: Consider that you may have a fire on your property someday. Under current law you will not be able to claim a casualty loss if your forest land is not identified as a business, unless it is covered by a federally declared disaster proclamation. Are you traveling a distance to and from your property? This travel may be a business deduction if you keep a mileage log and receipts and the travel is for a business purpose.
Hubbard Township considering bed tax | News, Sports, Jobs - The Vindicator
HUBBARD TOWNSHIP — Trustees are considering a bed tax to generate additional money for the township.
Trustee Chairman Tom Jacobs said at a recent meeting he has spoken to Trumbull County Treasurer Sam Lamancusa, who said the township would receive 2 percent from the tax on two hotels — the Best Western and the Travel Lodge, both in the Truck World area off U.S. Route 62 and Interstate 80.
Fiscal Officer Jennifer Evans said she has been in contact with Liberty and other local communities to see how they collect a bed tax. She said she would need to bill the two hotels and collect the money.
Street and safety committee, local vendors continue discussions on Hillsboro food truck
And here's another article:
Partnership allocations lacking substantial economic effect
Sec. 704(b) and the regulations thereunder continue to confuse even the most seasoned tax practitioners. Targeted allocations and preferred "waterfall" liquidating distributions are largely becoming the norm. Practitioners must take great care to understand the complexities of partnership taxation and to ensure the partnership agreement language has substantial economic effect or otherwise reflects the partners' interests in the partnership under the Sec. 704(b) regulations.
The requirement that a partnership allocation have substantial economic effect under Regs. Sec. 1. 704 - 1 (b)(2) has been written about extensively, so only a brief overview is necessary. For an allocation to have substantial economic effect, the allocation must have economic effect as described in Regs. Sec. 1. 704 - 1 (b)(2)(ii), and it must be substantial as described in Regs. Sec. 1. 704 - 1 (b)(2)(iii).
IRS finalizes rules on business interest expense deduction limits | Accounting Today
The 2017 tax overhaul limited the business deduction as a way of helping pay for the $1.5 trillion set of tax cuts, but the $2 trillion legislative package approved in March by Congress temporarily eliminated some of the restrictions as a way to help businesses cope with the impact of the novel coronavirus pandemic.
Under the TCJA, for tax years starting after Dec. 31, 2017, business interest expense deductions are generally limited to the sum of:
However, the business interest expense deduction limitation won't apply to certain small businesses whose gross receipts are $26 million or less, electing real property trades or businesses, electing farming businesses, and certain regulated public utilities. The $26 million gross receipts threshold applies for the 2020 tax year and will be adjusted annually for inflation.
Meeting topics include ozone precursor, methane regulations
AZTEC — The New Mexico Environment Department and the Energy, Minerals and Natural Resources Department are hosting a public meeting to gather input on draft methane and ozone precursor rules.
This meeting will start with introductions and an overview of the proposed rules at 4 p.m. Aug. 6. The last hour of the meeting is set aside for public comments.
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There will be several interim legislative committee meetings this week. These meetings are broadcast on nmlegis.gov.
Your St. Francois County Aug. 4 ELECTION GUIDE | Elections | dailyjournalonline.com
Missouri's Senate District 3 race will be determined in the Aug. 4 primary, with three Republicans vying to take the office vacated by Gary Romine last fall.
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When asked why he decided to run for office, Scism said the values his father imparted were instrumental.
"My father instilled in me a sense that small businesses benefited from the community they served, and therefore, we owed the community and its families to give back," he said. "I want to serve and I believe I can make a real difference … We need jobs and a plan to bring back jobs from China. To keep jobs in our community we must reduce unnecessary regulations, end frivolous lawsuits, and we need to cut taxes.
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